Buying my uncle's 1999...

[yitbos]

I have an opportunity to buy my uncle's 1999 Corvette. It's a coupe, two roof panels, automatic and has only 11,000 miles on it. My father worked for General Motors for his entire career and purchased a new corvette every year until I was about 15. My uncle purchased a number of them from my dad at very good prices. I expect he will offer it to me for a very good price as well.

But I thought I'd ask the experts, all of you, what you think his 1999 would be worth. I know it's garage kept. He only puts about 1500 miles a year on it and rarely drives it now. Everything is stock, no damage at all and no kids have driven it. It's an excellent vehicle.

The Kelly Blue Book site lists a trade in value of $17600 but trade in prices are always screwy when you go to a dealer. Since he will be buying a Lexus, he'll be negotiating from the MSRP sticker price and the dealer can inflate his trade value to make it look like he's getting a better deal. So I can't base my buy off that. The NADA value is close to that and I'm not sure how to find the black book value on the internet. Does anyone know of a black book site that is accurate?

Thanks for the help and information. I sold my 1984 Corvette about 6 months ago trading it in for a new vehicle for my wife. Now I have a chance to own another Corvette and one that's a C5 body style and in incredible condition.

John

 

[6 Shooter]

What color is it?

Sounds like it is in excellent condition, I'd say + or - $20K.

Good Luck!

Later . . . . . .
6 Shooter

 

[MsSchroder]

I don't know of a free black book site. Several turned up in a google search, but I think they were not free.

Edmunds.com has a nice tool for estimating the value- either trade in, private party, or dealer price.

http://www.edmunds.com/used/1999/chevrolet/corvette/

Tammy

 

[torch95red]

I second Tammy's suggestion to use Edmunds.com, they gave the most accurate quote for when I traded my '95 coupe last year. Dealer quoted same amount I got off Edmunds.

Good luck and go for the '99.

Mike

 

[wishuwerehere82]

Get it! You won't regret it. Personally, I would go up to $22,000.00

 

[XLR8]

JMO...

Edmunds suggests $20,000+ to $23,000+... sounds fair enough to me. AND it's a Corvette with only 11,000 miles (!!!) or about 1500 miles per year. It is presently owned by a family member that you know has taken good care of it... I'd go for it! If you bought one anywhere else you'd be paying for a Corvette that you knew almost nothing about.

Good luck!
Jane Ann

 

[2tone81]

20-22 k isn't out of the question since you know the car and its history.

Book is based on auctions and dealer transactions.

Of course, you would like to tell your uncle that the cash price on that Lexus is way under that sticker. Hopefully , he's on to that game. Otherwise, it'll be stuck in his head he got 30,000 for his trade.

 

[yitbos]

Thanks for the feedback. My uncle has purchased enough cars to know that dealers play games with purchase price, trade in value and financing. Plus he's an accountant so he should be up-to-speed on those things.

The one challenge I'd have going much higher than the 17k value is my wife is due in two months. So at the end of May, the household gets larger by one. And even though it's our first child, I know it's not going to be inexpensive. We are not buried in debt, just the mortgage and my wife and I owe a very small amount on our vehicles that are 0% financed. So we could take on the debt of the third vehicle, if it was a reasonable price.

I'm hoping for the family discount. You know, the price he want's minus the amount he is willing to give up so his nephew can get a great care at a great price from him. We will see what he comes up with, hopefully soon.

John

 

[Patrick]

John,
Remember that Kelley Blue Book will present the estimate on a used car in three tiers: trade in (or what a dealer will likely give you for a car you're trading in), private party (or what you can reasonably expect to purchase a car for from some selling it individually), and retail (or what a dealer will likely charge you.)

Kelley Blue Book is indicating that the private party estimate for a 1999 Coupe, in the condition you describe, is $20,775. If your uncle is willing to let the car go for $17,600, I'd say that's a pretty good deal.

Let us know if a deal happens- you'll love the C5!


-Patrick

 

[zagger]

Just go to " KBB.com " It's free and reliable. Beside car info they take under consideration your geographical location in determining the car value.

 

[vett boy]

Buy it ! All vett's need a good home and you will never regret having a new friend.